Health Savings Account is a regular Medical Insurance with the higher deductible (minimum deductible for individuals: $1,100 and $2,200 for families in 2007) that is tight up with a special bank account. You can put in the amount of your deductible income tax-free in your account and use for most qualified medical expenses.
When your application is accepted by insurance company and you receive insurance policy you’ll get all information about establishing HSA account with the specific bank that your insurance company has an arrangement. You also can open HSA account in any bank that is providing such service. One of the banks that is doing business on-line is HSA Bank or www.hsabank.com
One thing that could be a bit confusing – when applying for family coverage a double individual deductible applies. Not two individual deductibles but one deductible doubled in the amount.
You should choose HSA plan as carefully as a regular insurance coverage.
